Decoding Innovation What Industry 4.0 is all about: the progression from 1.0 to 4.0
In this episode, Ajay Khaladkar, former Technical Program Manager, Golisano Institute for Sustainability, Rochester Institute of Technology, discusses how the institute is helping companies transition to Industry 4.0.
Humanity is in relentless pursuit of enhancing living standards and creating a more comfortable existence. Every major effort to advance society using human intellect and technology has not only induced socioeconomic ripples but also transformed the world — starting from the first industrial revolution in the 1700s, also known as Industry 1.0, to the digital transformation we are witnessing today: Industry 4.0.
As technology is rapidly evolving and new frameworks are being introduced, experts point out that the periods between industrial revolutions are decreasing. A good transition strategy can help traditional businesses to successfully adapt to the latest transformation metrics.
Ajay Khaladkar, former Technical Program Manager of Advanced Manufacturing and Industry 4.0 Solutions at Golisano Institute for Sustainability, Rochester Institute of Technology, discusses how the institute is supporting organizations’ transition to Industry 4.0, the challenges and what to expect after the transition.
Key takeaways:
- It is noted that the periods between industrial revolutions are getting smaller and we may enter Industry 5.0 quicker, with the emergence of new technologies and the fast, widespread integration of information.
- Industry 4.0 is considered as a catalyst for better, sustainable goals and may bring societal shifts, such as in job profiles and social equity.
- Industry 4.0 is more complex than its previous counterparts for calculating returns on investment, because some Industry 4.0 tools will not replace workforce, but help empower leaders to make agile, reliable decisions.